Prior to viewing
Prior to arriving in Spain you should make sure that you have at your disposal sufficient funds to cover the reservation sum. The absolute minimum required is normally 6.000 euros, but may be greater for high priced properties. The reservation sum may be paid with a credit card or cash. A cheque, if drawn on a foreign bank account, may take up to ten days to clear by Spanish banks. If you do not have the means to lodge a reservation sum immediately, you risk losing the property to another party who does have the reservation sum available.
Negotiating the purchase
Once a suitable property has been chosen, the purchase terms and price may need to be negotiated with the seller. You may wish to make your offer subject to mortgage, or vary final completion dates, or the terms of payment.
We may at this stage feel it of benefit to bring into the team a recommended lawyer to assist further
to include with the offer a reservation deposit until the exchange of private contracts. This insitial reservation deposit may be held in our client´s account or your appointed lawyer´s client account.
Exchange of private contracts
Upon acceptance of the offer by the owner the next step in the sales process is to exchange private contracts of sale or to sign an option to purchase. This normally takes place within two weeks following formal acceptance of the offer. Your lawyer will have completed his searches and investigations of the property and will have arranged with the owner the procedure for the cancellation of any outstanding debts. The private contract of sale or option will reflect all the agreed terms of the offer and sale and set out the date for final completion at the notary. It is customary practice at this stage to pay 10% of the purchase price.